Chile has the best tax system in Latin America

This publication ranked Chile as the best country in terms of taxation in the region. It was awarded this position due to its 17% tax rate and because of the effective way the Revenue Service enables businesses to make tax payments.

The study highlighted Chile as the most attractive country for corporations in terms of its tax system, while placing Brazil –the largest economy in the region in terms of its size– at the opposite end of the index.

The report specially mentions that the tax rate for corporations in Chile is 17% (although this will change temporarily within the framework of funding the reconstruction of the cities affected by the mega-earthquake of last 27 February). The study also noted that the hours required for paying these taxes are 316 on average, the lowest figure in the region.

Previously, the World Bank ranked Chile as the country in Latin America most open to foreign investment. It noted that it only takes 29 days to start up a company in Chile, much below the average for the region, which is estimated at 74 days.